Deciding to buy a home is one of the most exciting, important and expensive purchases in your life and a path to the American Dream of Homeownership. These videos will help explain the process from finding the right home, to loan process to closing the deal! Lets Go......
Have questions, need answers, want to know where to start to begin the home buying process. Just click on the link below and view these educational videos for Shopping your HUD Home, Securing the right financing and Closing the deal. You will also find useful informational documents for easy download. Lets get started!
It all starts here...
The search for that perfect home is both exciting and challenging to learn the process from start to finish. The good new is we are here to help you on your path to homeownership. Explore the numerous resources below to begin the journey of knowledge to empower you to take the next step closer to home.
What is a HUD Home?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured
mortgage. When a loan insured by the Federal Housing Administration goes into default and forecloses, the lender may submit a claim against the FHA Insurance Fund. HUD then becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
Submitting the Bid
You have found the right home and now it's time to submit the bid. Your HUD certified broker/agent will now submit the bid on your behalf through the HUD homestore. List of Items needed before submitting a BID.
Congratulations...Your bid has been accepted by HUD. Now its time to get the original contracts, addendum, Earnest Money Deposit and Lender Letter or Proof of Funds to the property specific asset manager. In this step you will learn the necessary process of submitting the contract package! Click here for the next successful step.